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Choice, Internal Consistency And Rationality

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  • Bhattacharyya, Aditi
  • Pattanaik, Prasanta K.
  • Xu, Yongsheng

Abstract

The classical theory of rational choice is built on several important internal consistency conditions. In recent years, the reasonableness of those internal consistency conditions has been questioned and criticized, and several responses to accommodate such criticisms have been proposed in the literature. This paper develops a general framework to accommodate the issues raised by the criticisms of classical rational choice theory, and examines the broad impact of these criticisms from both normative and positive points of view.

Suggested Citation

  • Bhattacharyya, Aditi & Pattanaik, Prasanta K. & Xu, Yongsheng, 2011. "Choice, Internal Consistency And Rationality," Economics and Philosophy, Cambridge University Press, vol. 27(02), pages 123-149, July.
  • Handle: RePEc:cup:ecnphi:v:27:y:2011:i:02:p:123-149_00
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    References listed on IDEAS

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    1. Ernst Fehr & Alexander Klein & Klaus M Schmidt, 2007. "Fairness and Contract Design," Econometrica, Econometric Society, vol. 75(1), pages 121-154, January.
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    4. Taradas Bandyopadhyay & Indraneel Dasgupta & Prasanta Pattanaik, 2004. "A general revealed preference theorem for stochastic demand behavior," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 23(3), pages 589-599, March.
    5. Robert Pollin (ed.), 2000. "Capitalism, Socialism, and Radical Political Economy," Books, Edward Elgar Publishing, number 2055.
    6. Baigent, Nick & Gaertner, Wulf, 1996. "Never Choose the Uniquely Largest: A Characterization," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 8(2), pages 239-249, August.
    7. Gil Kalai & Ariel Rubinstein & Ran Spiegler, 2002. "Rationalizing Choice Functions By Multiple Rationales," Econometrica, Econometric Society, vol. 70(6), pages 2481-2488, November.
    8. Wulf Gaertner & Yongsheng Xu, 2004. "Procedural choice," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 24(2), pages 335-349, August.
    9. Gaertner, Wulf & Xu, Yongsheng, 1997. "Optimization and external reference; a comparison of three axiomatic systems," Economics Letters, Elsevier, vol. 57(1), pages 57-62, November.
    10. Sen, Amartya, 1993. "Internal Consistency of Choice," Econometrica, Econometric Society, vol. 61(3), pages 495-521, May.
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    Cited by:

    1. Marggraf, Rainer & Masius, Patrick & Rumpf, Christine, 2012. "Zur Integration von Tieren in wohlfahrtsökonomische Analysen," DARE Discussion Papers 1207, Georg-August University of Göttingen, Department of Agricultural Economics and Rural Development (DARE).
    2. repec:kap:copoec:v:28:y:2017:i:3:d:10.1007_s10602-016-9227-5 is not listed on IDEAS
    3. Dietrich, Franz & List, Christian, 2016. "Mentalism Versus Behaviourism In Economics: A Philosophy-Of-Science Perspective," Economics and Philosophy, Cambridge University Press, vol. 32(02), pages 249-281, July.
    4. Félix-Fernando Muñoz & María-Isabel Encinar, 2014. "Intentionality and the emergence of complexity: an analytical approach," Journal of Evolutionary Economics, Springer, vol. 24(2), pages 317-334, April.

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